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Is Globalization Ultimately Positive or Negative, or Somewhere in Between - Essay Example

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Introduction:- Globalization is the interconnection of global macroeconomic and financial linkages, social and cultural bonds and societal integration in general that makes the world a much more connected place. In the modern world, radically enhanced global economically and financially connected world, isolated analysis is not sufficient to draw conclusions(Aruoba, Diebold and Kose)…
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Is Globalization Ultimately Positive or Negative, or Somewhere in Between
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"Is Globalization Ultimately Positive or Negative, or Somewhere in Between"

Download file to see previous pages While the process has led to enormous advancements and explored unbelievable possibilities, it has also impacted negatively on many nations that seek to develop and prosper in isolation(Friedman). The advent of the internet and other forms of electronic media has made this transformation even more rapid. This paper shall analyze the good and the bad of globalization and analyze the overall impact it has on the life of human beings. The Good:- An interconnected world leads to greater opportunities and the discovery of new ways to improve living standards. Globalization has led to the coming together of the economically advanced and powerful nations with the developing states. This coming together has led to economic, political and cultural exchanges that have increased the speed of development of these less developed countries. Through transformation of technology in the form of infrastructural inputs, investment machinery, economic assistance, social and cultural exchanges and tourism, many countries have been able to break out of the shell of self restriction and catalyze their development(Weinstein). Globalization has led to the expansion of businesses across borders, creating employment, generating economic growth and facilitating prosperity. It has also led to the transformation of ideas and individuals across borders resulting in a greater amount of intellectual exchange(Friedman). The tourism industry has benefited from the phenomenon as well. Furthermore, businesses are allowed to seek new markets and no economy is disconnected or isolated when it faces severe difficulties due to the functioning of global institutions that act responsibly towards members of the international community, such as the UN, IMF and World Bank. Furthermore, the interaction of cultures, religions, castes and creeds has facilitated a decrease in racial discrimination and a broader understanding of people from different regions. People have better access to education due to standardized tests, improving education methods and new sources of education via informal, online and formal trainings(Allen and Thomas) The Bad:- The interconnectedness of economies often fare well for the powerful and lead to exacerbation for the less privileged. According to western arguments, Globalization results in increased inequality among rich and poor nations whereas counter arguments from the south state that globalization provides good opportunities for their countries(Weinstein). It will be fair to analyze what are the cons that substantiate arguments that globalization is bad for the global community. Many developed countries are home to commercial giants that have operations across the world. The most pervasive exhibit of this situation is the functioning of Multinational corporations. MNCs often have most of their revenue stream and profits concentrated in the country of inception or ownership however, most of their production is outsourced to less developed countries. The main motive behind this is to extract cheap labor and make people work under unsafe and environmentally threatening conditions; often at below minimum wage. The poor law enforcement situations in less developed countries lead to embezzlements and violations of minimum wage acts. There are also cases of extreme exploitation and tyranny. The most ...Download file to see next pagesRead More
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